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US CPI Accelerates Within Expectations, US Dollar Index Falls Slightly

Benjamon Franklin looks from a 100 dollar notesThe US Dollar gained on some of its major rivals, including the euro and the Great Britain pound, after consumer inflation in the United States accelerated in line with market expectations. Overall, though, the currency traded slightly lower.

The headline US CPI increased 0.3% in October from the previous month, exactly as analysts had forecast, after rising 0.1% in September. The core CPI rose 0.2%, also matching forecasts, after increasing 0.1% in the preceding month.

Despite the decent macroeconomic data, the US Dollar Index slipped 0.04%.

It was the first important economic release this week as a bunch of reports were pushed back to a later date due to a holiday on Monday. A large chunk of reports will be released tomorrow, and the most important of them will arguably be Retail Sales. Analysts predicted that the report will show an increase of 0.6% in October after the gain by 0.1% in September.

EUR/USD traded at about its opening level of 1.1290 as of 18:39 GMT today after rallying to the high of 1.1347 earlier. GBP/USD declined from the opening of 1.2967 to 1.2908, retreating from the session maximum of 1.3036. At the same time, USD/JPY fell from 113.80 to 113.53 following the earlier rally to the daily high of 114.01.


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Post tags: CPI, Dollar, EUR/USD, GBP/USD, Retail Sales, United States, US Dollar Index, USD/JPY

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US CPI Accelerates Within Expectations, US Dollar Index Falls Slightly

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